High Collateral Quality: The trust collateral is comprised of 100%
rehabilitated Federal Family Education Loan Program (FFELP) loans with
guaranties provided by eligible guarantors and reinsurance provided by
the U.S. Department of Education (ED) for at least 97% of principal and
accrued interest. Fitch's current U.S. sovereign rating is 'AAA' with a
Stable Rating Outlook.

Sufficient Credit Enhancement: Credit enhancement (CE) is provided by
overcollateralization (OC; the excess of trust's asset balance over bond
balance) and excess spread. As of September 2014, total parity is
103.85%, and excess cash can be released once the trust reaches the
104.00% parity level.

Adequate Liquidity Support: Liquidity support is provided by a $250,000
capitalized interest account and a $2.37 million reserve account. Funds
remaining in the capitalized interest account will be released to the
collection account on the December 2014 distribution date.

Since the FFELP student loan ABS relies on the U.S. government to
reimburse defaults, 'AAAsf' FFELP ABS ratings will likely move in tandem
with the 'AAA' U.S. sovereign rating. Aside from the U.S. sovereign
rating, defaults and basis risk account for the majority of the risk
embedded in FFELP student loan transactions. Additional defaults and
basis shock beyond Fitch's published stresses could result in future
downgrades. Likewise, a buildup of CE driven by positive excess spread
given favorable basis factor conditions could lead to future upgrades.

A comparison of the transaction's Representations, Warranties &
Enforcement Mechanisms (RW&Es) to those of typical RW&Es for that asset
class is available by accessing the appendix that accompanies the
initial presale report. Please refer to 'Academic Loan Funding Trust
Series 2013-1: Appendix', published on Nov. 8, 2013 at www.fitchratings.com.

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DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
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IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
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OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
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WEBSITE.